Forgot password? Click to reset? Press pause before you type “password123” another time. Unfortunately, the real estate industry is falling short when it comes to digital security, and the first line of defense — account passwords — are a big part of the problem.
According to a report by NordPass, “employees in the real estate sector use very weak passwords.”
The report breaks down the 10 most common passwords across 20 industries. Some of the most-common include:
- fashion
- Password
- Indiana1
- Aaron431
- 123456
- sexy4sho
Aaron’s, fashionistas and Indiana residents beware, these passwords aren’t cutting it.
And the report stated, “The world’s wealthiest companies’ employees love passwords that directly reference or hint at the name of a specific company.” These include abbreviations of the company name, the company email domain or a specific company product.
So, if your passwords are guilty of these offenses, what can you do to improve? A solid digital security plan is essential for any growing team as the prevalence of e-closings, digital showings, digital communication and overall online work increases. The report has a few suggestions for you:
Ensure company passwords are strong
When creating or updating an account password, aim for a series that is more than 20 characters. You should also include upper and lower case letters, numbers and special characters like exclamation points or @ symbols. Ideally, these passwords should be random combinations and not dictionary words.
Use multi-factor authentication tools
Must multi-factor authentication (MFA) tools require pushing a button on your phone, answering a call or retrieving a code from your email. There are dozens of options on the market for MFA security, so research your options and choose what will work best for your organization or team.
Think twice before giving the whole team access to account credentials
Who really needs access to the account in question? Sharing and spreading passwords will reduce their effectiveness and make it more difficult to use MFA security systems. It is also important to remember to remove team members from accounts who have retired or left the team.
Invest in a password management system
This valuable business solution allows companies and teams to store account information in one place, share login information securely and update the accounts as needed. These management systems are often web-browser-based tools, so they will always be there when you need them.
On the bright side, the report does note that “passwords will inevitably die.” Jonas Karklys, CEO of NordPass said, “the world desperately needs to switch to new online authentication solutions such as passkeys.”
Still, forgot your password? Until passkeys make it to mainstream use, send an email to reset and aim for a 20+ character phrase, rely on multifactor authentication and strongly consider a digital management system. A strong account security plan is another step in the right direction for gaining market share.